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Interim results Strong first half results - turnover and profit growth in each of our trading divisions 2. Successful integration of recent acquisitions - Wizard, Burtonwood integrated ahead of schedule - expected synergies from both acquisitions exceeded 3. Earnings per share* up 10.2% - strong growth in profit before tax 4. Dividend +10.0% to 13.2 pence per share - average increase over 30 years of over 10% We are confident that our performance and out-turn for the year will be satisfactory *Before goodwill and exceptional items

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Interim results 2005 : acquisition of Jennings 1. The offer has been declared wholly unconditional - acceptances received and shares held in respect of 82.5% of shares 2. Benefits of the acquisition - synergies of at least £2m per annum - development opportunities pub estate beer brands - excellent geographical fit - earnings enhancing in first full financial year of ownership - expected to generate return in excess of WACC in first full financial year 3. Total acquisition cost of £67m financed from debt 20